Preservation and BCI acquire BMS Group in £500m deal

Kenny Wastell
06 June 2019

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Preservation Capital Partners and British Columbia Investment Management Corporation (BCI) have acquired UK-headquartered insurance brokerage BMS Group, in a deal giving the business an enterprise value of ТЃ500m.

The company's management team will remain in their roles following the deal and will retain a significant minority stake in the business, alongside other BMS staff.

The deal does not include BMS's sister company, Pioneer Underwriters, which will continue to be owned by shareholders in BMS's former holding company Minova Insurance Holdings.

Preservation was launched in early 2017 and raises money from high-net-worth individuals and family offices on a deal-by-deal basis. It targets financial services firms in the lower-mid-market.

The latest transaction is subject to regulatory approval and is expected to close in Q3 2019.

Company
Founded in 1980, London-headquartered BMS Group is an insurance brokerage focusing in the fields of reinsurance, wholesale and direct insurance. The business generated a turnover of around £100m in 2018, according to a statement.

People
Preservation Capital Partners - Jatender Aujla (partner).
British Columbia Investment Management Corporation - Gordon J Fyfe (CEO, chief investment officer).
BMS Group - Nick Cook (CEO).